Arab Press

بالشعب و للشعب
Saturday, Jul 12, 2025

Binance crypto hack withdraws $570M in BNB tokens

Binance crypto hack withdraws $570M in BNB tokens

Binance CEO Zhao Changpeng said hackers were only able to get away with around $100M

Binance temporarily suspended deposits and withdrawals on its blockchain network on Thursday evening after hackers were able to withdraw two million BNB tokens worth about $570 million.

According to the cryptocurrency exchange, hackers exploited a native cross-chain bridge between the firm's BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC), known as "BSC Token Hub." Cross-chain bridges allow users to move their digital assets from one blockchain to another.

"The exploit was through a sophisticated forging of the low level proof into one common library," Binance said in a Friday blog post. "Thanks to the assistance of all the security experts, projects, and validators, the vast majority of the funds remain under control."

In order to suspend deposits and withdrawals, Binance had to reach out to 26 active validators, or entities that confirm blockchain transactions, across 44 different time zones.

"This delayed closure, but we were able to minimize the loss," the company added.


Initial estimates from BNB Chain said hackers took between $70 million and $80 million. The company estimated $7 million of the seized funds had already been frozen.


Binance CEO Zhao Changpeng later said in a Twitter thread on Thursday that the estimated impact was around $100 million.

Zhao Changpeng, chief executive officer of Binance, speaks during a Bloomberg Television interview in Tokyo, Japan, on Thursday, Jan. 11, 2018.


The BNB Chain has resumed operations. As of the time of publication Friday, BNB is down more than 3%, trading around $282 per coin, according to CoinMarketCap. The fifth largest coin has a market cap of over $45 trillion.

Moving forward, Binance said it would hold on-chain governance votes to determine whether the hacked funds will be frozen and whether to use a "BNB Auto-Burn" to cover the remaining hacked funds. A BNB Auto-Burn automatically adjusts the amount of BNB to be burned based on the BNB price and the number of blocks generated on the BNB Chain during each quarter

It will also hold votes on whether to launch a Whitehat program offering $1 million apiece for discovering future bugs and a bounty program offering up to 10% of recovered funds for catching hackers.

Additionally, a new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend against future possible attacks and the number of community validators will be expanded.

The latest hack comes after more than $600 million worth of cryptocurrency was siphoned by hackers who exploited the Ronin network, a blockchain project used by players of Axie Infinity. The theft marked one of the largest crypto heists in history. In April, Binance said that it had recovered $5.8 million worth of the stolen funds.

In August, Chainalysis estimated that $2 billion in cryptocurrency has been stolen across 13 separate cross-chain bridge hacks — the majority of which was stolen this year. The data analytics firm said at the time that the attacks on bridges had accounted for 69% of total funds stolen in 2022.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×